Pacific Oak Residential Acquires Multifamily Portfolio In Michigan For $80.3M
Michigan, United States
$80,250,000
Units
691
Asset Type
Other
Closing
May 11, 2022
About this deal
AI
Pacific Oak Residential has acquired a multifamily property portfolio in Michigan in a transaction valued at $80,250,000. The portfolio comprises 283 units, resulting in a per-unit price of $283,569. The properties are located in various addresses within the Michigan market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $80,250,000
- Units: 283
- Price per Unit: $283,569
- Buyer: Pacific Oak Residential
- Seller: CopperBay
- Brokers: Todd Stofflet & Tony McGill - Walker & Dunlop
Todd Stofflet and Tony McGill, representing Walker & Dunlop, facilitated the deal between Pacific Oak Residential and CopperBay. The acquisition marks an important milestone for Pacific Oak Residential, adding to their multifamily property holdings in Michigan's market.
Players
Mount Pleasant Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Deal FAQ
About $116.1K per unit across 691 units on a published $80.3M (2022).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93